Tds on transport for f.y.2014-15

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arvind harulage (Querist)
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24 April 2015 Please please clarify that We have debited Transport charges for Rs.1 Crores Transporter quotes PAN on every Bill. Transporter have more than 10 trucks So what's Treatment About TDS deducted or not deducted for further Financial year 2014 -2015 reply with given reference

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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24 April 2015 It is proposed to amend the provisions of section 194C of the Act to expressly provide that the relaxation from non-deduction of tax shall only be applicable to the payment in the nature of transport charges (whether paid by a person engaged in the business of transport or otherwise) made to an contractor who is engaged in the business of transport i.e. plying, hiring or leasing goods carriage and who is eligible to compute income as per the provisions of section 44AE of the Act (i.e. a person who is not owning more than 10 goods carriage at any time during the previous year) and who has also furnished a declaration to this effect along with his PAN.

This amendment will take effect from June 1, 2015.

TDS not required to be deducted for FY 2014-15 if PAN is provided by Transporter.

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